US STOCKS-Futures lower ahead of weekly jobless claims, Powell talk

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* Futures down: Dow 0.5%, S&P 0.7%, Nasdaq 0.8%

By Shashank Nayar and Medha Singh
March 4 (Reuters) - U.S. stock index futures dropped on
Thursday as investors looked to data that is likely to show an
increase in weekly jobless claims ahead of remarks from Federal
Reserve Chair Jerome Powell later in the day.
The number of Americans filing for jobless benefits likely
rose to 750,000 in the latest week from 730,000. The data comes
on the heels of Wednesday's report showing slower-than-expected
growth in February's private payrolls.
The crucial monthly payrolls report is expected on Friday.
Wall Street's main indexes fell for the second straight day
on Wednesday as a spike in U.S. bond yields pressured
high-flying tech stocks while economy-linked financials, energy,
industrials outperformed on hopes of a new round of fiscal aid
and vaccinations.
The market is focused on Powell, who is due to speak at a
Wall Street Journal conference at 12:05 p.m. ET (1705 GMT), for
any hints of concern about last week's jump in bond yields, in
what will be his last outing before the Fed's policy-making
committee convenes from March 16 to 17. Ahead of Powell's remarks, the 10-year Treasury yields
US10YT=RR were at 1.47% but held below last week's one-year
high of 1.614%.
Tech stocks are particularly sensitive to rising yields
because their value rests heavily on future earnings, which are
discounted more deeply when bond returns go up.
Microsoft Corp MSFT.O , Apple Inc AAPL.O and Amazon.com
Inc AMZN.O dropped between 0.3% and 0.4% before the bell. O/R
At 6:45 a.m. ET, Dow E-minis 1YMcv1 were down 146 points,
or 0.5% and S&P 500 E-minis EScv1 were down 24.75 points, or
0.67%. Nasdaq 100 E-minis NQcv1 were down 104 points, or 0.8%.
The S&P 500 is set to open below its 50-day moving average,
an indicator of short-term momentum that has proved to be a
support line in the recent days. The Nasdaq could wipe out
nearly all of its year-to-date gains.
The U.S. Senate is expected to begin debating President Joe
Biden's $1.9 trillion coronavirus relief package on Thursday
after agreeing to phase out payments to higher-income Americans
in a compromise with moderate Democratic senators. Shares of Snapchat-owner Snap Inc SNAP.N dropped about 2%
even as the company's chief executive, Evan Spiegel, said the
tech company expects to deliver 50% annual revenue growth over
several years even without growing its user base or engagement.